• With many issuers having been sat on the sidelines, today presented a window of opportunity, though largely by virtue of the fact that there was little new ‘bad news’ or any meaningful developments in the multiple geo-political issues that are restricting primary market activity & putting pressure on spreads
  • Spreads remain wide, though tightened slightly today
  • Geo-political issues are subdued yet still very much present
• Fed tomorrow
  • FOMC - Rate announcement @ 6:00pm GMT on Wednesday 28th 
    • ‘Hold’ expected with Hawkish tone (9.4% probability of rate hike)

CORP:

• 2nd heaviest day of supply in 7 weeks (€9.025bn on 9th Sept), second only to yesterday’s €7.3bn
  • P&G’s print was the surprise of the day. €3.25bn, with an avg,. spread compression of 25.5bps, 5bps more than the upper end of what would have been required for a smaller print. They paid up for size, but it paid off
    • Books not disclosed as SEC Registered
  • Enexis is a quasi-sovereign with an implicit guarantee, albeit not explicit. A quality utility with a treble digit spread was always going to fare well. NIC of 5bps was all that was needed. Best book of the day at 6.2 X
  • Schlumberger’s €750m long 8yr, was not an opportunistic print as proceeds were required to both help refi a €1bn that matured last month, & in part towards a recent acquisition (details below). A NIC of +10bps was in line with its ratings & expectations. The book was solid if not spectacular at 2.6 X
  • Endenred offered a NIC of 25bps for their 2yr FRN, yet the book was still small. While PM’s are in a risk averse mood, 2yrs is arguably too short, as it accelerates reinvestment risk, increasing investors’ need to be placated with spread
    • The long 7yr was larger with a cover of 1.7 X

FIG:

• Financials returned for the first time since last Thursday
  • Argenta Spaarbank’s 3yr green, covered trade had a generous NIC of 9bps. Above the recent avg. of c.+5bps, the final spread facilitated the desired size of €750m. Cover was a solid 4.0 X
    • The first covered trade since last Wednesday.
  • SEB’s Green, senior non-preferred offered a NIC of 12bps, a couple of bps above what might have been expected, yet they secured a solid print with a healthy book (2.27 X)
  • Mercialys REIT trade struggled to get momentum, launching at IPTs. The trade offered a disproportionately large NIC of 47bps yielding a cover of only 1.65 X

SSA:

• The SSA pipeline cleared once again
• Free State of Thuringia’s 8yr LSA trade managed to price €650m. Initially seems small, yet it is in keeping with their typical trades & funding needs. Low cover of 1.27 X

• Bunds rallied with the curve steepening by c.3bps
• OAT’s rallied inside 5yrs with the curve steepening by c.2bps
  • OAT vs Bund 10yr spread came in c.1.5bps from yesterday, currently trading at +155.8
• Gilts rallied beyond 7yrs with the curve flattening by c.1bp
• € swap curve steepened by c.4bps
  • € swap spreads tightened by c.1 to 2bps from short to long across the curve
• £ swap curve was unchanged
  • £ swap spreads c.1 to 1.5bp tighter 5yrs & out
• € IG delivered €7.75bn from 8 deals (4 x Corp, 3 X FIG & 1 x SSA) via 12 tranches
  • €16.55bn WTD or 85.4% of our ‘Supply Survey’ forecast of €19.38bn
• US$ Reg S priced $750m from 1 deal (1 x FIG) via 1 tranche
  • 1st Reg S $ print since Santander UK’s €1.5bn on the 1st of September
• Zero issuance in the Sterling (£), non-domestic Swiss Franc markets
• Today’s “Talking Point” (below) looks at US$ Reg S only IG supply YTD, following the first such print today in 8 weeks.
• iTraxx 5yr Europe & the iTraxx Senior & Sub financial indices tightened for a second straight session currently trading at 64.58 (-3.6%), 73.218 (-3.6%) & 123.981 (-5.01%) respectively (as we print & % △ on the day).
• Vix Index was lower, currently at 17.54 (18.39 this morning)
• Brent Crude fell in the afternoon, currently at c.$114.04 (c.$115.75 this morning)
• European equity bourses were mixed with the FTSE down by -0.7% & the Dax & CAC 40 both up by +0.85% & +0.65% respectively
  • YTD: FTSE ↑7.66%, Dax ↑4.65% & CAC 40 ↓3.08%
• A breakdown of today’s primary € IG supply is as follows

• Corporate
  • Total IG: €5.3bn
  • Avg. tranche size €663m
  • Avg. IPT to Pricing -25.19
  • Avg. cover 3.13 X
• FIG
  • Total IG: €1.8bn
  • Avg. tranche size €600m
  • Avg. IPT to Pricing -6 (covered) €750m
  • Avg. IPT to Pricing -11.5 (unsecured) €1.05bn
  • Avg. cover 2.64 X
• SSA
  • Total IG: €650m
  • Avg. tranche size €650m
  • Avg. IPT to Pricing 0
  • Avg. cover 1.27 X

• Pipeline:  The European IG pipeline is as follows. 
  • 1 x € FIG (1 x Subordinated)

Contact Stuart Aylward with questions or comments on Bloomberg or via stuart@creditflowresearch.com

Talking Point

• Prudential Funding Asia’s $750m 10yr Tier 2 today, represented the 1st Reg S $ European IG print in 8weeks. As such we look today at all US$ Reg S only IG supply YTD & how thin the market has become since the summer.
• Today breaks one of the longest droughts of the year. Prudential is the first US$ Reg S trade since Santander UK’s $1.5bn 3yr Covered on the 1st of September, ending a run of 39 blank sessions. The previous longest gap YTD was 25 sessions (10th Feb to 18th Mar).
• Since the summer, supply has all but dried up. H1 delivered $24.5bn from 26 deals (79.7% of YTD volume), averaging c.$4.08bn a month. Since July only 6 deals have priced for $6.5bn: L-Bank $1.5bn 3yr (22nd Jul), NatWest Markets $500m 5yr FRN (17th Aug), Lloyds $1.5bn 3yr Covered (18th Aug), Mitsui & Co $750m 5yr (20th Aug), Santander UK $1.5bn 3yr Covered (1st Sep) & today’s Prudential.
• SSA has disappeared. Having carried H1 ($15.8bn), SSA has been absent since L-Bank on the 22nd of July. Covered has filled some of the gap, with $3bn (48%) of post-July volume. Today is also the first subordinated Reg S FIG since Marex on the 2nd of June.
• UK issuers now dominate, accounting for 4 of the 6 deals since July ($4bn, 64%);  level with Germany on deal count YTD (7 each) for $5.65bn. Germany remains the largest by volume ($9.45bn, 30.7%), all agency & Länder supply, but has been absent since July. France ($5bn), the Netherlands ($3.5bn) & Japan ($2.25bn) complete the top five, with Japan the only APAC issuer (3 deals).

Euro IG (today)

• The Procter & Gamble Company (exp. Issue ratings of Aa3 / AA- by Moody’s & S&P) issued a multi-tranche, € benchmark, senior unsecured, SEC Registered offering in 4, 8, 12 & 20yrs.  Respective IPTs were all ‘in the area of’ MS+65, MS+95, MS+115 & MS+145.
  • P&G last came to the public € markets on the very same day in 2025, with a €1bn SEC Registered, dual-tranche, comprised of a €500m 8yr at MS+42 (38bps tighter than IPTs from a €1.2bn book), & a €500m 20yr at MS+78 (44.5bps tighter than IPTs from a €1.7bn book). Prior to that in April 2024 was another dual-tranche made up of a €650m 4yr & a €850m 10yr.
• Enexis Holding N.V. (exp. Issue rating of AA by Fitch) brought a Reg S Bearer senior unsecured 8yr Green offering. IPTs on the trade were in the area of MS+125. Books were in excess of €2.6bn & the deal launched for €500m at MS+93, offering investors a NIC of 5bps. Final books, good at re-offer, were over €3.1bn.
  • Enexis is a publicly owned distribution system operator from the Netherlands that develops, manages, & maintains regional electricity & gas distribution networks. It is, however, a corp rather than an SSA, as it does not have explicit state guarantees. It last came to the public bond markets in February of last year when it priced a €750m 6yr at MS+55 (32.5bps tighter than IPTs from a book of €1.35bn). They issued twice in 2025; a €1bn dual-tranche in April & a €500m 10yr in November.
• Schlumberger Finance B.V. (exp. Issue ratings of A1 / A+ by Moody’s & S&P), guarantor SLB N.V. (SLB Limited), brought a € bmk long 8yr (3rd March 2035), senior unsecured, Reg S Bearer offering with IPTs of MS+130 to +135. Final books were over €1.95bn.
  • They have been absent from the public markets for over 6yrs, with proceeds from today's offering contributing towards a recent €1bn maturity last month, GCP of course, but also in part towards SLB’s recent $4.1bn acquisition of Germany based Kelvion.
• Edenred SE (exp. Issue rating of A- by S&P) announced a senior unsecured dual-tranche, Reg S Bearer offering comprised of a €300m (wng) 2yr FRN with IPTs of 3mth+95 area; & a €500m (wng) Long 7yr (3rd February 2034) fixed rate with IPTs of MS+165 area. Combined books were north of €1.75bn (split < €650m & < €1.1bn). The 2yr launched for €300m at 3mth €+75; & the 7.25yr launched for €500m at MS+145. Final books came in over €600m for the 2yr & over €850m for the 7.25yr.
  • This is their second visit to the public € markets YTD, having printed a €500m 7yr in January, pricing at MS+107 B(38bps tighter than IPTs from a book of €1.65bn). They printed just once in 2025 with a €750m 5.5yr at MS+90 (40bps tighter than IPTs).

• Argenta Spaarbank (exp. Issue rating of AAA by S&P) brought a €500m (exp) 3yr European Green Bond (EuGB), Reg S, Covered Bond (Belgian Mortgage Pandbrieven). Guidance on the trade was in the area of MS+40. Books were first called over €1.5bn (exc. JLMs), growing to over €2.55bn (inc. €110m JLMs). The trade sized & launched for €750m at MS+34 offering investors a NIC of 9bps. Final books, good at re-offer, were over €3bn (inc. €110m JLMs).
  • This is their 2nd covered print in 2026, having last priced a €750m 6yr on June 9th at MS+30 (5bps tighter than guidance from a €1.2bn book). They also issued a sole covered trade in 2025 with a €1bn 7yr at MS+55 (8bps tighter than guidance from a book of €2.5bn).
• Skandinaviska Enskilda Banken AB (aka SEB) (exp. Issue ratings of A2 / A / AA- by Moody’s, S&P & Fitch) brought a Reg Bearer, Senior Non-Preferred, unsecured Green € bmk offering. IPTs on the trade were in the area of MS+105. Books were first cited as being above €1.5bn (exc. JLMs), rising to over €2bn (exc. JLMs). The deal launched for €750m at MS+82, offering investors a NIC of 12bps.
  • SEB last issued a € Senior Non-Preferred back on the 3rd of February when they priced a €750m 7yr at MS+70 (27.5bps tighter than IPTs from a book of €2.3bn). This last trade was rated A3 / A / AA-, with today's offering benefiting from a Moody’s upgrade in April of SEB’s baseline credit assessment from A3 to A2. Senior unsecured & issuer rating has been Aa3 since Oct 2021.
• Mercialys (exp. Issue rating of BBB by S&P) brought a €300m (wng) long 6yr (3rd January 2033) senior unsecured, Reg S Bearer offering with IPTs in the area of MS+220. Books were over €600mn (pre rec) & the deal launched & priced for the pre-announced €300m, at MS+220. Final books were €495m.
  • Mercialys is a French REIT that specialises in owning, managing & developing retail properties & shopping centers across France. This is their 1st deal of 2026, having last printed a €300m 7yr in May of last year at MS+177 (43bps tighter than IPTs from a book of €1.5bn).

• The Free State of Thuringia (rated AAA by Fitch), brought their expected 8yr € benchmark fixed rate Landesschatzanweisung (LSA) offering. Spread was set from the announcement at MS+23. Books were first called over €650m (inc. €135m JLMs). Books reached over €825m (inc. €135m JLMs) & the trade sized & launched for €650m at MS+23.
  • This is their 2nd visit to the public € markets in 2026, having previously priced a €600m 10yr on the 6th of May at MS+24 (flat to guidance from a €650m book). They also issued twice in 2025, first with a €500m 7yr in March at MS+32 (flat to guidance); & a €500m 10yr in September at MS+34 (flat to guidance from a €785m book).

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No issues.

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No issues.

Week-to-date volumes:

US$ Reg S (today)

• Prudential Funding (Asia) plc (exp. Issue ratings of A3 / A- / A by Moody’s, S&P & Fitch). Guarantor is Prudential plc. They announced a US$ benchmark 10yr Reg S Tier 2. IPTs on the trade were in the area of 7.0%. Books were over $1.35bn & the trade launched & priced  for $750m at 6.875%. Final books were over $1.1bn.
  • PruFin has been absent from the public US$ markets for some time, having last tapped the market in March of 2022 with a $350m senior 10yr at T+138. Prior to that was a Tier 2 trade, like today, way back in October 2021 for $1bn, 12NC7 trade.

Pending Deals & Mandates

Euros (€)

• 19th October: Sumitomo Life Insurance Company (exp. Issue ratings of A- / A- by S&P & Fitch) mandated JP Morgan, BofA Securities, Goldman Sachs, SMBC Nikko & BNP Paribas to arrange a series of fixed income investor conference calls commencing Monday the 19th October. JP Morgan will be coordinating logistics. A potential € benchmark, Reg S, Fixed to fixed, step-up 30NC10 callable subordinated bond offering will follow, subject to market conditions.

Transaction Details

PRICED: The Free State of Thuringia €650m 8yr Sr Unsec; MS+23bp

IGC European Market: Deal Flow - SSA

Reoffer: 8yr: MS+23bp / 99.795 / 3.655%
Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 95.46 / B+38.7bp

Tranche 1 (8yr): Peak book over €825m (incl. €135m JLM interest)

Launched: 8yr: €650m @ MS+23bp - Books over €825m (incl. €135m JLM interest)
Book Update: Books over €650m (incl. €135m JLM interest)
Spread set at: 8yr: MS+23bp

• Issuer: The Free State of Thuringia
• BBG Ticker: THRGN Govt
• Format: Landesschatzanweisung (0% rw, senior unsecured)
• Type: Reg S, Bearer
• Issuer Rating: AAA (Fitch)
• Size: €650m
• Coupon: 3.625% Fixed, Annual, ACT/ACT ICMA
• Maturity: 03-Nov-34 (8yr)
• Settlement: 03-Nov-26 (T+5)
• Re-offer: MS+23bp / 99.795 / 3.655%
• Benchmark: +38.7bps vs DBR 2.6 15-Aug-34 (95.46 / 3.268%)
• Law/List/Denom: German/Frankfurt/1k
• ISIN/WKN: DE000A5GS4C0 / A5GS4C
• Target Market: Professional, retail and eligible counterparties each as defined in MiFID II product governance (all channels for distribution of the Bonds are appropriate).
• Joint Leads: Deutsche Bank, DZ BANK, LBBW (B&D), NORD/LB, UniCredit
• Timing: Priced, TOE 12.53 CET FTT Immediately

PRICED: Skandinaviska Enskilda Banken AB €750m 4.5yr Green SNP; MS+82bp

IGC European Market: Deal Flow - General

Reoffer: 4.5yr: MS+82bp / 99.829 / 4.248%
Benchmark: 4.5yr: OBL 2.5 16-Apr-31 @ 97.236 / B+107.9bp / HR 99%

Tranche 1 (4.5yr): Final Books over €1.7bn (excl JLMs). Peak book above €2bn (excl JLMs)

Launched: 4.5yr: €750m @ MS+82bp - Books above €2bn (excl JLMs)
Book Update: Books above €1.5bn (excl JLMs)
IPTs: 4.5yr: MS+105a

• Issuer: Skandinaviska Enskilda Banken AB (publ) (SEB)
• LEI: F3JS33DEI6XQ4ZBPTN86
• Issuer Credit Rating: Aa3 / AA- / AA+ (Stable / Stable / Stable) (Moody's / S&P / Fitch)
• Exp. Ratings: A2 / A / AA- (Moody's / S&P / Fitch)
• Offering Format: Reg S only, NGN, Bearer form, TEFRA D rules apply (no communications with or into the U.S. or Canada)
• Status of the Notes: Senior Non-Preferred Notes, Unsecured
• Ranking Condition: Condition 3A.02 applies (Status - Senior Notes - Senior Non-Preferred Notes)
• Trade Date: 27-Oct-26
• Settlement Date: 03-Nov-26 (T+5)
• Maturity Date: 02-May-31
• Size: €750m
• Reoffer: MS+82bps / yld 4.248% / px 99.829
• Ref Benchmark: +107.9bps vs OBL 2.5 16-Apr-31 px 97.236 - HR 99%
• Coupon: Fixed 4.200%, Annual, ACT/ACT (ICMA), short first coupon
• Early Redemption: Upon occurrence of an Eligible Liabilities Event (Condition 5.15) or a Tax Event (Condition 5.02) subject to conditions to redemption
• Events of Default: Condition 6B applies
• Waiver Set-Off: Condition 3C applies
• Denominations: €100k x 1k
• ISIN: XS3552902630
• Clearing: Euroclear / Clearstream
• Listing: Euronext Dublin (Regulated Market)
• Law: English law, except provisions related to the Status of the Notes which shall be governed by Swedish law
• Bail-in and Loss Absorption Power: Applicable
• Documentation: SEBs Global Programme for the Continuous Issuance of Medium Term Notes and Covered Bonds (the Programme) with information memorandum dated 12-Jun-26, as supplemented on 21-Oct-26 (together, the Information Memorandum)
• UOP: An equivalent amount to the net proceeds will be used in accordance with SEBs Green Bond Framework 2025
• Selling Restrictions: As per the Programme
• Fees: The Joint Bookrunners will be paid a fee by the Issuer in respect of the placement of the Notes
• Target Market: Manufacturer target market (EU MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs key information document (KID) or UK DISC disclosure document has been prepared as not available to retail in EEA or the UK
• Joint Bookrunners: Credit Agricole CIB, HSBC, ING (B&D), J.P. Morgan, SEB
• Timing: TOE: 15:10 CET / FTT: Immediately
• Advertisement: The Information Memorandum is available, and the Final Terms, when published, will be available at https://sebgroup.com/investor-relations/debt-investors

Green Senior Non-Preferred
4.5yr (May 2031) @ MS+105a

Implied Spread for fresh 4.4yr @ MS+70
Priced at MS+82
NIC of +12

PRICED: Prudential Funding (Asia) US$750m 10yr T2; 6.875%

IGC European Market: Deal Flow - General

Reoffer: 10yr: 6.875% / 100
Benchmark: 10yr: T 4 5/8 15-Aug-36 @ 97-03 / B+187.2bp / HR 95%

Tranche 1 (10yr): Final books US$1.1bn+. Peak book US$1.35bn+

Launched: 10yr: US$750m @ 6.875% - Books US$1.35bn+
IPTs: 10yr: 7.000%a

• Issuer: Prudential Funding (Asia) plc (PFA or the Issuer)
• Guarantor: Prudential plc (Prudential or the Guarantor)
• Description: US$ Fixed Rate Tier 2 Notes due 2036 (the Notes)
• Currency / Size: US$750m
• Reoffer: 6.875% (s.a) / 100
• Benchmark: +187.2bps vs T 4 5/8 15-Aug-36 (97-03 / 5.003%) HR 95%
• MWC: T+30
• Guarantor Ratings: A2 (stable) / A+ (stable) / A+ (stable) (Moody's / S&P / Fitch)
• Expected Issue Ratings: A3 (hyb) / A- / A (Moody's / S&P / Fitch)
• Instrument: Subordinated Notes, issued under the Issuers US$10,000,000,000 Medium Term Note Programme dated 27-Mar-26, as supplemented by a supplementary prospectus dated 8-Oct-26, expected to be treated as Tier 2 Capital of Prudential group under the Hong Kong IAs Insurance (Group Capital) Rules
• Status of the Notes: Direct, unsecured and subordinated obligations of PFA ranking: subordinated to the claims of all Issuer Senior Creditors, at least pari passu with the Legacy Tier 2 Notes and Tier 2 Capital; and in priority to Deeply Subordinated Notes, Tier 1 Capital and all classes of share capital of PFA
• Status of the Guarantee: Subordinated and unsecured obligations of the Guarantor ranking: subordinated to the claims of all Guarantor Senior Creditors; at least pari passu with Subordinated Notes, obligations pursuant to the Legacy Tier 2 Notes Guarantee, Tier 2 Capital and other capital instruments or securities and which rank pari passu with the Subordinated Notes Guarantee; and in priority to the Deeply Subordinated Notes, obligations pursuant to the Deeply Subordinated Notes Guarantee, Tier 1 Capital and all classes of share capital of Prudential
• Format: Reg S; Registered
• Pricing Date: 27-Oct-26
• Settlement / Issue Date: 3-Nov-26 (T+5)
• Scheduled Maturity Date: 3-Nov-36
• Issuers Call Option: The Issuer may, at its option, redeem the Notes in whole but not in part: at par on any day from (and including) the day falling 3 months prior to the Maturity Date up to (but excluding) the Maturity Date, at the Make Whole Redemption Price on any date from (and including) the Issue Date up to (but excluding) the date falling 3 months prior to the Maturity Date, subject to Conditions to redemption, variation, substitution and purchase
• Interest: 6.875% per annum payable semi-annually in arrear
• Interest Payment Dates: 3 May and 3 November in each calendar year, commencing on (and including) 3-May-27, up to (and including) the Maturity Date
• Day Count Fraction: 30 / 360, Following, unadjusted
• Regulatory Capital Requirement (Principal and Redemption Date Interest) Condition: To the extent the Regulatory Capital Requirement is not met both immediately before, and immediately after such payment, the Issuer and the Guarantor will not make any payment of principal unless otherwise permitted by the Relevant Regulator and will not make any payment of Redemption Date Interest to the extent directed not to make such payment by the Relevant Regulator
• Additional Redemption Events: Tax Event Redemption and Refinancing Option, Regulatory Event Redemption and Regulatory Event Refinancing Option and Rating Event Redemption and Rating Event Refinancing Option
• Clean-up Call: Applicable at 80%
• Governing Law: English law
• Use of Proceeds: General Corporate Purposes
• Listing: London Stock Exchanges Regulated Market
• Clearing: Euroclear / Clearstream
• Denominations: US$200,000 and integral multiples of US$1,000 in excess thereof
• ISIN / Common Code: XS3550550514 / 355055051
• Joint Lead Managers: BofA Securities, Barclays, BNP Paribas (B&D), Deutsche Bank and J.P. Morgan
• Selling Restrictions: US Reg S, Cat 2, UK and the EEA - no sales to retail investors; Italy, Switzerland - no sales; Canada, Hong Kong, Japan; Singapore - Accredited Investors and Institutional Investors only
• Target Market: UK MiFIR / MiFID II product governance Professional investors and ECPs only target market. No EEA PRIIPs key information document (KID) or UK disclosure document required by DISC, as not available to retail in the EEA or the UK
• Timing: TOE: 14h25 UKT / FTT 15h00 UKT

PRICED: Edenred SE €800m 2yr FRN & Long 7yr Sr Unsec; 3mE+75bp & MS+145bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+75bp / 100 Long 7yr: MS+145bp / 99.314 / 4.868%
Benchmark: Long 7yr: DBR 2.2 15-Feb-34 @ 93.22 / B+161.0bp (HR: 97%)

Tranche 1 (2yr FRN): Final Books > €600m. Peak book c.€650m
Tranche 2 (Long 7yr): Final Books > €850m. Peak book c.€1.1bn

Launched:
2yr: €300m @ 3mE+75bp - Books c.€650m
Long 7yr: €500m @ MS+145bp - Books c.€1.1bn
IPTs: 2yr: 3mE+95a Long 7yr: MS+165a

• Issuer: Edenred SE
• Ticker: EDENFP
• Country: FR
• LEI Code: 9695006LOD5B2D7Y0N70
• Issuer Ratings: A- (by S&P, stable)
• Expected Issue Ratings: A- (by S&P)
• Status of the Notes: Senior Unsecured
• Form of Notes: Reg S (Cat2) Bearer Dematerialized
• Trade Date: 27-Oct-26
• Settlement Date: 03-Nov-26 (T+5)
• Issue Type:
  • 2yr: 2-Year FRN
  • Long 7yr: 7.25-Year FXD
• Maturity Date:
  • 2yr: 03-Nov-28
  • Long 7yr: 03-Feb-34
• Issue Size:
  • 2yr: €300m
  • Long 7yr: €500m
• Re-offer:
  • 2yr: 3mE+75bp / 100
  • Long 7yr: MS+145bp / 99.314 / 4.868%
• Benchmark: 161.0bp vs DBR 2.2 15-Feb-34 @ 93.22 / 3.258% (HR: 97%)
• Coupon:
  • 2yr: 3mE+75bp, Floating, Quarterly, ACT/360
  • Long 7yr: 4.75%, Fixed, Annual, ACT/ACT (ICMA), Short First
• ISIN:
  • 2yr: FR001401BUS5
  • Long 7yr: FR001401BUT3
• Par Call:
  • 2yr: -
  • Long 7yr: Yes, 3-month
• TOE:
  • 2yr: 14:41 UKT
  • Long 7yr: 14:39 UKT
• MWC: B+25bp
• Use of Proceeds: General corporate purposes including the refinancing of upcoming bond redemptions
• Documentation: EMTN Programme dated 14-Nov-25 (as supplemented on 07-Jan-26 and 21-Oct-26) / Euronext Paris / €100,000 + €100,000 / French Law / Clean-Up call @75% (except for the FRN tranche) / Change of Control (Put) / MWC (except for the FRN tranche)
• Clearing Systems: Euroclear, Clearstream
• Selling Restrictions: As per EMTN Programme
• Global Coordinators: BNP Paribas, J.P. Morgan (B&D), Societe Generale
• Active Bookrunners: BofA Securities, Citi, HSBC, ING, Santander
• Target Market: The manufacturer target market (MIFID II/UK MIFIR product governance) is eligible counterparties and professional investors (all distribution channels). No PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook have been prepared as not available to retail in EEA or the United Kingdom, respectively.
• Advertisement: The Base Prospectus, the Supplements along with the Final Terms, when published, will be available on the website of the AMF (www.amf-france.org) and on the Issuers website (www.edenred.com)
• Timing: FTT: 15:00 UKT

2yr (Nov 2028) @ 3mE+95a

Implied Spread for fresh 2yr @ 3mE+50
Priced at 3mE+75
NIC of +25

7.25yr (Feb 2034) @ MS+165a

Implied Spread for fresh 7.25yr @ MS+130
Priced at MS+145
NIC of +15

PRICED: Mercialys €300m Long 6yr Sr Unsec; MS+220bp

IGC European Market: Deal Flow - General

Reoffer: Long 6yr: MS+220bp / 98.221 / 5.603%
Benchmark: Long 6yr: DBR 2.5 Nov-32 @ 96.21 / B+240.4bp

Tranche 1 (Long 6yr): Final Books €495m. Peak book > €600m (pre-reconciliation)

Launched: Long 6yr: €300m @ MS+220bp - Books > €600m (pre-reconciliation)
IPTs: Long 6yr: MS+220a

• Issuer: Mercialys (Ticker: MERYFP, Country: FR)
• Issuer LEI: 969500081CGAXB7YS433
• Issuer Rating: BBB Stable by S&P
• Exp. Notes Rating: BBB by S&P
• Format: Senior, Unsecured, Reg S (Cat2), Bearer dematerialized
• Settlement: 3-Nov-26 (T+5)
• Size: €300m
• Maturity: 3-Jan-33 (Long 6-year)
• Coupon: 5.25% (Annual), Act/Act (ICMA), Short First Coupon
• Price/Yield: 98.221% / 5.603%
• Spread: MS+220bp / B+240.4bp
• Ref Security: DBR 2.5 Nov-32 @ 96.21% (3.199%) HR 95%
• Docs: Standalone / French Law / Euronext Paris / Clean-up Call (75%) / 100k+100k / 3m-par-call / CoC (Put @100%) / MWC (vs. OAT) OAT +20bp
• Covenants: Restrictions on secured borrowings, Negative pledge
• Use of Proceeds: General Corporate Purposes
• Global Coordinators: BNP Paribas (B&D), Credit Agricole CIB, Natixis
• Active Bookrunners: BNP Paribas, CIC CIB, Credit Agricole CIB, La Banque Postale, Natixis, Societe Generale
• Target Market: The manufacturer target market (EU MIFID II and UK MIFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EU PRIIPs or UK PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK
• Advertisement Language: The final prospectus, when published, will be available on the website of the Issuer (www.mercialys.fr) and on the website of the Autorite des marches financiers (the AMF) (www.amf-france.org).
• ISIN: FR001401BRT9
• Timing: TOE 14.53 UKT FTT 15.20 UKT / 16.20 CET

L 6yr (Jan 2033) @ MS+220a

Implied Spread for fresh L6yr @ MS+173
Priced at MS+220
NIC of +48

PRICED: Argenta Spaarbank €750m 3yr EuGB CB; MS+34bp

IGC European Market: Deal Flow - General

Reoffer: 3yr: MS+34bp / 99.679 / 3.74%
Benchmark: 3yr: OBL 2 ½ 10-Nov-29 @ 98.33 / B+64.0bp / HR 101%

Tranche 1 (3yr): Final Books at reoffer > €3bn (incl. €110m JLM).

Launched: 3yr: €750m @ MS+34bp - Books > €2.55bn (incl. €110m JLM)
Book Update: Books > €1.5bn (excl. JLM)
Guidance: 3yr: MS+40a

• Issuer: Argenta Spaarbank SA/NV
• Ticker: ARGSPA
• LEI: A6NZLYKYN1UV7VVGFX65
• Issue Type: Belgian Mortgage Pandbrieven
• Status: European Covered Bond (Premium)
• Format: EuGB, Reg S, Dematerialized
• Issue Rating: AAA (S&P)
• Volume: €750m
• Reoffer: MS+34bps / Price: 99.679 / Yield: 3.740%
• Benchmark: OBL 2 ½ 10-Nov-29 + 64.0bps (px 98.33) / HR 101%
• Coupon: 3.625% Fixed, annual, act/act ICMA, Following Business Day Convention
• Settlement Date: 04-Nov-26 (T+6)
• Maturity Type: 3-year (soft bullet)
• Maturity Date: 04-Nov-29
• Leads: ABN AMRO, Commerzbank, Natixis (B&D) and UBS
• Listing: Luxembourg Stock Exchange (Professional segment)
• Use of Proceeds: The Mortgage Pandbrieven use the designation European Green Bond or EuGB in accordance with Regulation (EU) 2023/2631 (the EU Green Bond Regulation). An amount equivalent to the proceeds of the Notes will be used to finance and/or refinance the Economic Activities specified in the applicable Final Terms in accordance with the European green bond factsheet dated 23-Oct-26 (the Factsheet), prepared by the Issuer in accordance with the EU Green Bond Regulation. The Factsheet is publicly available on the Issuers Website at https://www.argenta.eu/investor-relations/debt-issuance/green-bonds.html
• Target market: MIFID II and UK MiFIR professionals/ECPs-Only/No PRIIPs KID – Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as not available to retail in EEA or in the UK.
• Selling Restrictions: As set out in the Base Prospectus
• Fees: The Banks will be paid a fee by the Issuer in respect of this transaction
• Denoms/Law: €100k/100k / Belgian Law
• ISIN: BE6377241730
• Timing: Priced – TOE 16:06 CET, FTT 16:30 CET

Covered
3yr (Nov 2029) @ MS+40a

Implied Spread for fresh 7yr @ MS+25
Priced at MS+34
NIC of +9

PRICED: Schlumberger Finance B.V. €750m Long 8yr Sr Unsec; MS+105bp

IGC European Market: Deal Flow - General

Reoffer: Long 8yr: MS+105bp / 99.392 / 4.467%
Benchmark: Long 8yr: DBR 2.5 15-Feb-35 @ 94.40 / B+118.6bp / HR 98%

Long 8yr: Final books > €1.95bn. Peak book north of €2bn

Launched: Long 8yr: €750m @ MS+105bp - Books north of €2bn
IPTs: Long 8yr: MS+130/135bp

• Issuer: Schlumberger Finance B.V.
• Ticker: SLB
• Country: NL
• Issuer LEI: 5299003L3TGTOIYBX911
• Guarantor: SLB N.V. (SLB Limited)
• Guarantor LEI: 213800ZUA17OK3QLGM62
• Guarantor Ratings: A1 stable (Moody's) / A+ stable (S&P)
• Exp Issue Ratings: A1 (Moody's) / A+ (S&P)
• Status / Form of the Notes: Senior Unsecured, Reg S Category 2 (TEFRA D) / Bearer / NGN
• Pricing Date: 27-Oct-26
• Settlement Date: 3-Nov-26 (T+5)
• Issue Type: Long 8-Year FXD (8.3y)
• Maturity Date: 3-Mar-35
• Issue Size: €750m
• Re-offer: MS+105bps / 99.392 / 4.467%
• Benchmark: 118.6bps vs DBR 2.5 15-Feb-35 @ 94.40 / 3.281% (HR 98%)
• Coupon: 4.375%, Fixed, Annual, ACT/ACT (ICMA), Short First
• ISIN: XS3553916126
• Use of Proceeds: The net proceeds of the notes will be used for general corporate purposes including repayment of debt and/or partial consideration in connection with the Kelvion acquisition.
• Documentation: EMTN Programme dated 10-Jun-26 (as supplemented on 23-Oct-26) / Luxembourg Stock Exchanges regulated market / English Law / Clean-Up call @80% / MWC (B+20bps) / 3-month Par Call
• Denomination: EUR 100,000 and integral multiples of EUR1,000 in excess thereof up to and including EUR199,000.
• Clearing Systems: Euroclear / Clearstream, Luxembourg
• Selling restrictions: As per Base Prospectus
• Global Coordinators: BNP Paribas (B&D) and MUFG
• Active Bookrunners: BofA Securities, HSBC, Standard Chartered Bank, UniCredit
• Target Market: The manufacturer target market (MiFID II and UK MiFIR product governance as applicable) is eligible counterparties and professional investors only (all distribution channels). No EU PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in the EEA or the United Kingdom
• Timing: TOE: 15:15 UKT | FTT: 15:35 UKT

L 8yr (Mar 2035) @ MS+130/135

Implied Spread for fresh L8yr @ MS+95
Priced at MS+105
NIC of +10

PRICED: Enexis Holding N.V. €500m 8yr Green Sr Unsec; MS+93bp

IGC European Market: Deal Flow - General

Reoffer: 8yr: MS+93bp / 99.363 / 4.346%
Benchmark: 8yr: DBR 2.6 15-Aug-34 @ 95.47 / B+107.9bp

Tranche 1 (8yr): Final books at reoffer > €3.1bn

Launched: 8yr: €500m @ MS+93bp - Books in excess of €2.6bn
IPTs: 8yr: MS+125a

• Issuer: Enexis Holding N.V. (Ticker ENEXIS, Country: NL)
• Issuer LEI: 7245009Q5867Q0YC9Q13
• Issuer Ratings: A1 (stable) / AA- (stable) (Moody's / Fitch)
• Exp. Issue Rating: AA by Fitch
• Format: Reg S Bearer, Category 2, TEFRA D, Fixed Rate, Green, Senior, Unsecured, NGN form
• Pricing Date: 27-Oct-26
• Settlement: 05-Nov-26 (T+7)
• Tenor: 8-year
• Issue Size: €500m
• Maturity Date: 05-Nov-34
• Reoffer: 99.363 / MS+93bps / 4.346%
• Reference: DBR 2.6 15-Aug-34 @ 95.47 / +107.9bp / 3.267% / HR 100%
• Coupon: 4.25% Fixed, Annual, Actual/Actual
• Call features: MWC B+20bps, 3m Par Call, Clean-Up (75%)
• ISIN: XS3552905658
• Use of Proceeds: Eligible Green Assets as per Enexis' Green Finance Framework dated April 2023 available at https://www.enexisgroep.com/investor-relations/funding/
• Documentation: EMTN Base Prospectus dated 15-Jul-26
• Denoms: €100k + €1k
• Listing: Euronext Amsterdam, including Euronext ESG Bonds
• Governing Law: Dutch Law
• Selling Restrictions: As set out in the Base Prospectus dated 15-Jul-26
• Green Finance Framework: Issuer's Green Finance Framework and Second Party Opinion dated April 2023 available at https://www.enexisgroep.com/investor-relations/funding/
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The Base Prospectus and any supplements and the Final Terms, when published, will be available at https://www.enexisgroep.com/investor-relations/funding/
• Active Bookrunners: ABN AMRO, BNP Paribas, ING, NatWest (B&D), Rabobank, SEB
• Target Market: Manufacturer target market (MiFID II and UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as the Notes are not available to retail in the EEA or in the UK.
• Timing: Priced TOE: 16:18 CET / 15:18 UKT – FTT 16:35 CET / 15:35 UKT

Green
8yr (Nov 2034) @ MS+125a

Implied Spread for fresh 8yr @ MS+88
Priced at MS+93
NIC of +5

PRICED: The Procter & Gamble Company €3.25bn 4yr, 8yr, 12yr & 20yr Sr Unsec; MS+38bp / MS+70bp / MS+90bp / MS+120bp

IGC European Market: Deal Flow - General

Reoffer: 4yr: MS+38bp / 99.865 8yr: MS+70bp / 99.859 12yr: MS+90bp / 98.87 20yr: MS+120bp / 99.564
Benchmark: 4yr: OBL 2.2 10-Oct-30 / B+65.9bp 8yr: DBR 2.6 15-Aug-34 / B+85.3bp 12yr: DBR 1 15-May-38 / B+90.7bp 20yr: DBR 2.5 15-Aug-46 / B+99bp

Launched:
4yr: €750m @ MS+38bp
8yr: €1bn @ MS+70bp
12yr: €750m @ MS+90bp
20yr: €750m @ MS+120bp
IPTs: 4yr: MS+65a 8yr: MS+95a 12yr: MS+115a 20yr: MS+145a

• Issuer: The Procter & Gamble Company
• Ticker: PG
• LEI: 2572IBTT8CCZW6AU4I41
• Expected Ratings: Aa3 (Positive) / AA- (Stable) (Moody's/S&P)
• Format: Senior Unsecured Notes
• Pricing Date: 27-Oct-26
• Settlement: 03-Nov-26 (T+5)
• Size:
  • 4yr: €750m
  • 8yr: €1bn
  • 12yr: €750m
  • 20yr: €750m
• Maturity:
  • 4yr: 03-Nov-30
  • 8yr: 03-Nov-34
  • 12yr: 03-Nov-38
  • 20yr: 03-Nov-46
• Coupon:
  • 4yr: 3.75%
  • 8yr: 4.1%
  • 12yr: 4.25%
  • 20yr: 4.625%
• Interest: Fixed, Annual, ACT/ACT (ICMA) for all tranches
• Reoffer:
  • 4yr: MS+38bp / 99.865
  • 8yr: MS+70bp / 99.859
  • 12yr: MS+90bp / 98.87
  • 20yr: MS+120bp / 99.564
• Benchmark:
  • 4yr: OBL 2.2 10-Oct-30 / B+65.9bp
  • 8yr: DBR 2.6 15-Aug-34 / B+85.3bp
  • 12yr: DBR 1 15-May-38 / B+90.7bp
  • 20yr: DBR 2.5 15-Aug-46 / B+99bp
• Optional Redemption: MWC for all tranches
• ISIN / Common Code:
  • 4yr: XS3553990360 / 355399036
  • 8yr: XS3553990444 / 355399044
  • 12yr: XS3553990527 / 355399052
  • 20yr: XS3553990790 / 355399079
• Hedge Details:
  • 4yr: EUR 4yr vs. OBL 2.2 10-Oct-30 (HR: 102%)
  • 8yr: EUR 8yr vs. DBR 2.6 15-Aug-34 (HR: 102%)
  • 12yr: EUR 12yr vs. DBR 1 15-May-38 (HR: 114%)
  • 20yr: EUR 20yr vs. DBR 2.5 15-Aug-46 (HR: 103%)
• Hedge Deadline: 15.00 UKT
• B&D: DB for all tranches
• Timing: Books open, Today's business
• Books Subject: 12.50 UKT
• Joint Book-Running Managers: Citi / DB (B&D) / GS / HSBC / MS
• Target Market: MiFID II and UK MiFIR professionals / ECPs-only / No PRIIPs KID or DISC Disclosure Document
• Stabilization: FCA / ICMA
• Selling Restrictions: As per The Procter & Gamble Companys Preliminary Prospectus Supplement
• Clearing: Euroclear and Clearstream
• Docs: SEC Registered / New York Stock Exchange Listing / New York Law
• Denominations: €100,000 x €1,000
• UoP: General Corporate Purposes

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Details correct at time of posting